New Tool Lets Families Calculate How Much Money Middle Class Tax Cut Would Put In Their Pocket

President's plan would save American families about $1,500

MADISON -- Continuing the effort to help put more money into the pockets of the middle class, the Obama-Biden campaign has released a new online calculator that computes what an extension and expansion of the payroll tax cut would mean for American families.

View the calculator at: http://www.barackobama.com/tax-calculator

"The future of Wisconsin's working families is at stake and we know the best way to get the economy moving again is to support our working families," said Democratic Party of Wisconsin Chair Mike Tate. "This calculator will show exactly how much the taxes of Wisconsin's working families will go up at the hand of Senate Republicans."

Under President Obama's plan, most families would save $1,500 a year in taxes. The plan also provides incentives for nearly six million small businesses to grow and hire new workers.

This is in stark contrast to a plan from Mitt Romney, which overwhelmingly favors the richest Americans. Almost half of the money he'd give away each year would go to the wealthiest 1%. "While Mitt Romney and Senate Republicans oppose tax cuts for Wisconsin families trying to make it in this economy, they choose instead to hand big tax breaks to the ultra-wealthy and corporations," said Tate. "Mitt Romney and Senate Republicans are not on the side of working families and seniors and that's just not the Wisconsin way."